In part 1 of this vlog series , you learned about what RegTech (Regulatory Technology) is and why it’s important for financial services. This is also a good time to look at the biggest achievements in RegTech over the past year, what the future holds for RegTech, and the next steps your organization should be taking in order to be successful, which is what we’ll cover in this vlog.
What Was the Biggest Achievement for RegTech this Year?
The biggest achievements in RegTech this year have been around gaining a better understanding of what it is and what the capabilities are. Currently nothing out of the box exists where we can say, “Here you go, that’s going to solve all of your problems.” Additionally, it’s important that we’re working across the industry globally with key stakeholders to ensure they’re on the same page and understand the problems that we’re trying to solve.
What’s the Future of RegTech?
There’s a bright future ahead for RegTech. As we’re shifting towards this fourth industrial revolution led by technology, all industries are going to be transformed and move towards digitization in some shape or form. It’s going to be critical to have checks and balances in place with this type of technology coming down the line, especially because this transformation will have financial implications, economic implications, and ethical implications. RegTech is going to be embedded across the board to ensure those checks and balances are there, that the processes are cost efficient and streamlined, and to take the compliance and resource burdens away.
What Are the Next Steps Organizations Should Take?
It’s essential for organizations to ensure they have critical stakeholder and leadership buy-in. The challenge many organizations face is that they have RegTech departments and are thinking about developing solutions, but there’s not enough investment going into it. There needs to be input and buy-in and an understanding that this technological impact is going to be very disruptive. Stakeholders and leadership teams need to start thinking about how they’re going to solve for this technological impact going forward.
Be sure to check back for more vlogs around RegTech and why it’s important for the financial services industry in our 5-part vlog series.
How Hitachi Vantara Can Help
With regulations constantly changing and data volumes rising, many of the largest financial institutions are looking to Hitachi Vantara for actionable insights into customers, operations, and risks. Learn more about Hitachi Vantara’s RegTech solutions here.
[LB1]Link to vlog 1